Sanlam today announced that it will increase its direct and indirect stake in SAHAM Assurance Maroc, a leading property and casualty insurer in Morocco.
Sanlam will increase its stake to 84.5% by acquiring 22.8% of the issued shares of SAHAM Assurance Maroc from Sanam Holding, for a total consideration of MAD1,241 million which will be funded by Sanlam using debt facilities (the transaction).
The transaction is subject to certain conditions including (but not limited to) approvals from the relevant regulatory authorities to the extent required both in South Africa and Morocco.
SAHAM Assurance Maroc is 61.7% owned by Sanlam Emerging Markets (SEM) and has been listed on the Casablanca Stock Exchange since 2010.
Sanlam sees several strategic benefits from the proposed transaction including:
- Enabling the Sanlam Group to deepen its direct presence in North and Francophone West Africa as part of Sanlam’s strategy to optimise the Pan-Africa portfolio and strengthen its position in core markets;
- Enabling Sanlam to explore broad partnerships in the long-term that will further support growth in the region; and
- Transitioning and elevating the successful partnership with our Moroccan Partner Sanam, to the Sanlam Group level without departing from the business model of partnering in-country with strategic partners throughout the Sanlam Group.
In addition, this transaction is also an opportunity to strengthen the strategic partnership initiated several years ago with Sanam which, following this transaction, will become a shareholder of the Sanlam Group by acquiring shares on the market.
Sanam, will continue to provide the Sanlam Group with strategic, economic and commercial advice on matters related to its activities in Morocco ensuring that the Sanlam Group continues to reap the benefit of Sanam experience and knowledge of the Moroccan market.
SEM CEO, Mr Heinie Werth said: “This transaction further enhances our long-standing commitment to the Moroccan market. We look forward to deepening our presence and to continue delivering excellent service and value to our clients and stakeholders.”
“Morocco and the broader North and West Africa regions remain key markets for Sanlam and this proposed transaction is in line with our African diversity strategy,” Mr Werth concluded.
Sanam Holding CEO, Mr Said Alj said: “This strategic transaction consolidates the partnership between Sanlam Group and Sanam Holding and breathes new life into the fruitful partnership between our two Groups. Our new investment at the Sanlam group level attests to our confidence in Sanlam. SAHAM Assurance Maroc represents an important part of Sanlam's portfolio and we will mutually continue to develop it, while helping to strengthen the economic ties between South Africa and the Kingdom of Morocco ».
About the Sanlam Group:
Sanlam is a pan-African financial services group listed on the JSE and A2X in South Africa and the NSX in Namibia. Through its five business clusters – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investment Group, Sanlam Corporate and Santam – Sanlam provides comprehensive and bespoke financial solutions to institutional clients and retail customers across all market segments. Sanlam’s areas of expertise include life and general insurance, financial planning, retirement, investments and wealth management.
Established in 1918 as a life insurance company, Sanlam has evolved into the largest non-banking financial services group in Africa through its diversification strategy.
Sanlam owns stakes in financial services companies in Namibia, Botswana, Swaziland, Lesotho, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, Kenya, Burundi and Nigeria. After concluding the largest insurance transaction on the continent to acquire ex SAHAM Finances in 2018, Sanlam expanded to Morocco, Angola, Algeria, Tunisia, Ghana, Niger, Mali, Senegal, Guinea, Burkina Faso, Cote D’Ivoire, Togo, Benin, Cameroon, Gabon, the Republic of the Congo and Madagascar.
Sanlam also has a business presence in India, Malaysia and the United Kingdom as well as Australia, Lebanon, the Philippines, and the United States of America.
For further information on Sanlam, please visit www.sanlam.com.
About SPA Maroc :
Sanlam Pan Africa Maroc is the Sanlam Group Business unit responsible for managing and developing General Insurance business. Sanlam Pan Africa Maroc have more than 2,700 employees, working in 30 countries and operates in 3 areas of activity: Insurance & Reinsurance, Assistance and Third Party Management (TPA).
As the undisputed pan-African leader in insurance and a leading continental player, Sanlam Pan Africa Maroc has unique multi-business experience in the African market. In addition, it’s the preferred entry point to support its clients on the continent, thanks to its extensive presence in Africa, which gives it an unparalleled geographic dimension. In addition, there is a complete product offering dedicated to all its customers, whether they are individuals, professionals or corporate.
For further information on Sanlam Pan Africa, visit: www.sanlampanafrica.com
About SAHAM Assurance Maroc:
SAHAM Assurance Maroc has been present in the Moroccan market for more than 70 years. As a subsidiary of Sanlam Pan Africa Maroc, the Company is by now the General Insurance leader in Morocco and also occupies the first place in Motor and health insurance. SAHAM Assurance Maroc has the largest network of general agents in Morocco, with more than 500 point of sales, which gives it a presence in urban and rural areas. This makes it possible to offer geographic proximity and a full range of products and services. The development of the Company's activities is also carried out through a network of partner brokers.
SAHAM Assurance Maroc provides its clients with the synergies of its unique, international and multicultural network and guarantees them an optimal level of service quality to support them in their projects.
For further information on SAHAM Assurance Maroc, visit: www.sanlam.com
About SANAM:
SANAM Holding is a holding company created by Said Alj in 1986, in order to hold majority and active shares in listed and unlisted companies in Morocco and abroad.
Its subsidiaries operate mainly in four major poles: the food industry, distribution, Finance, cinema and hotel industry, as well as real estate. The group has nearly 7,000 employees of 18 different nationalities.
For more information on Sanam visit: www.sanamholding.com
Press contact :
Mrs Aïcha Lebsir
Head of Marketing & Communication - Sanlam Pan Africa
Phone : +212 664 725 497
Mail : 
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